Allianz warns of major marine war risk claims as $125bn in vessels and cargo remains trapped in the Persian Gulf following Iran conflict

Allianz SE, the global insurer, has warned that the insurance industry faces significant claims for ships damaged during the Iran conflict, as vessels and cargo with a combined value of $125 billion remain trapped in the Persian Gulf as of mid-June 2026. The estimate is drawn from Allianz's own analysis; the insurer did not provide a figure for total expected claims. The types of vessels affected span container ships, bulk carriers, and oil tankers — assets struck by drones and missiles during the conflict. Regis Broudin, global head of marine claims at Allianz Commercial, identified loss of life, vessel damage, and cargo damage as the primary drivers of claims to date. Marine war risk insurance — specialist cover protecting vessels against damage caused by armed conflict, mines, and similar perils — has seen premiums surge dramatically. Some vessels are paying more than $1 million per voyage to enter or exit the Strait of Hormuz. While the premium surge represents revenue for underwriters, it is offset by the elevated frequency of drone and missile incidents that are generating the claims Allianz has flagged. On the operational side, the International Maritime Organization has announced an evacuation plan backed by the US and Iran for more than 11,000 seafarers stranded in the Persian Gulf, with those individuals beginning to exit through the Strait of Hormuz. This development provides some relief but does not resolve the broader claims environment, as the vessels themselves remain at risk pending full navigation resumption. VLCC (very large crude carrier) rates through Hormuz have risen to near $470,000 per day for fixtures transiting the waterway.

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